Jack Welch - Leadership Secret 1 - Harness the Power of Change It is important in today's changing economy that business leaders are not afraid to bring the changes needed to succeed. When Jack Welch became CEO of General Electric in 1981, the company was lethargic, complacent with production, and mired in bureaucracy. He understood the competition presented by foreign markets and the need for a new global strategic plan. He was able to imagine the true potential of his resources and implement drastic changes such as the business concepts Stretch, Work-Out and Number One, Number Two (which will be discussed later) to achieve his goals. - Leadership Secret 2- Face RealityThis is the most important rule of Jack Welch's business strategy. Too many business leaders become comfortable with their performance and refuse to see the need for change. A business leader must understand the importance of accurately defining their company's current position if they plan to make successful changes. And once problems are discovered, managers must act immediately to correct them. When Welch took over as CEO of GE, he quickly addressed the common practice of sugar-coated financial paperwork that left only a false rationale for security and insisted that every business unit in the GE empire must be the number one or number two competitor in its respective markets or it would be repair, close or sell. - Leadership Secret 3 - Managing less is managing better Managers must provide a vision to their employees and inspire confidence. Too often, employees are held back because they don't have the authority to make any decisions without approval. Managers must empower their employees and trust that they are giving their best effort. This will give managers more time to work on plans to achieve the company's long-term goals. - Leadership Secret 4 - Create a Vision, Then Get Out of the Way “People always overestimate the complexity of business. It's not rocket science. We chose one of the simplest jobs in the world. In the words of Jack Welch, business is simple. A leader must provide his or her employees with the information, resources, vision and atmosphere necessary to succeed and reward them when they do. Welch isn't concerned with the details of GE's many business units; it just needs to... middle of paper ... draw more attention to the service side of an industry. Growth rates for product-related services are increasing faster than those for product production, so there is a strong incentive to direct your primary resources toward providing post-sale services. - Leadership Secret 27, 28, 29 - Transform your business into an electronic business The Internet is the future of business. Update your business and provide your customers with not only product descriptions and information, but also a way to purchase, communicate and interact with your business via the web. The Internet also reduces the chance of human error during the ordering process because fewer people have to manage the information. Best of all, the Internet speeds up operations, whether sending information to employees or receiving personalized orders from customers. ConclusionJack Welch has definitely revolutionized the business approach. He has proven over the years that his techniques and concepts are extremely effective and business leaders everywhere should heed his advice. This book gives a small overview of the methods and methodology of, without..